Vancouver — The initial batch of assays from drilling at Committee Bay Resources’ (CBR-V, CBYRF-O) Three Bluffs deposit, in Nunavut, has returned some significant gold grades over good widths.
The infill drilling at Three Bluffs — part of the Committee Bay Greenstone Belt project — delivered intercepts of up to 23.7 metres (from 34.3 metres down-hole depth) grading 19.44 grams gold per tonne in hole 48. The mineralized section was in the high-grade hinge zone of the deposit and included a 14.5-metre portion averaging 30.7 grams gold.
Results from eight holes of Committee Bay’s 24-hole program have confirmed consistent widths and gold grades at Three Bluffs and will be incorporated into a new resource estimate planned for the deposit. The company feels the results may expand the current resource area.
In 2004, the company pegged inferred resources at Three Bluffs at 1.9 million tonnes averaging 8.08 grams gold, based on 49 drill holes and a 3-gram-gold block grade cutoff, for about 487,000 contained ounces.
Gold mineralization at Three Bluffs in hosted in a folded iron formation traced by drilling for at least 1 km along strike and to a depth of about 320 metres. The bulk of the gold is contained in a shallow east-plunging fold hinge of the iron formation.
Gold has also been intersected in a pair of fold limbs where iron formation is in contact with dacite and sediments. The high-grade zone plunges shallowly to the east, where it remains open and may extend beneath a flat-lying diorite intrusion.
Committee Bay also recently tabled drill results from its Inuk gold prospect, located at the northeastern end of the greenstone belt. High-grade gold intercepts of 13.6 grams gold over 5.44 metres and 11.2 grams gold across 11 metres were returned from holes 1 and 6, respectively.
The Committee Bay Greenstone Belt project covers about 300 km of the prospective trend that hosts favourable lithologies for gold mineralization. More than 40 high-grade gold occurrences have been identified on the company’s 2,600 sq. km of land holdings.
In addition to its Nunavut gold project, Committee Bay holds advanced-stage gold deposits in Western Australia’s Coolgardie gold district through its 50% interest in the Redemption joint venture.
Shares of the gold explorer rallied on the drill results to close up 7 at 41 apiece on strong trading volume.
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